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Judge fines Covid-hit firm over pension breaches

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A Shannon-based company currently shut down by the Covid-19 pandemic has been fined €3,000 for "a very serious breach" of pensions legislation.

At Ennis District Court, Judge Patrick Durcan imposed three fines of €1,000 each on Deepak Fasteners (Shannon) Ltd concerning three separate pension offences.

Solicitor for the Pensions Authority, Daragh Hassett stated that non-payment by the company of employees' and employer contributions had left a €182,539 hole in its workers' pension fund.

Mr Hassett said that "the hole has been filled and all of the money has been paid back - every single cent".

He said the company has pleaded guilty to non payment of employer's pension scheme contributions and that charges concerning employee contributions have been withdrawn and struck out.

The Pensions Authority view the breaches "as extremely serious", said Mr Hassett.

Counsel for the company, Rebecca Treacy BL, said that the company had taken a severe hit in trading conditions as a result of the green movement and uncertainty created by Brexit.

Ms Treacy said that the employee contributions were made good by the company last June as a matter of priority - three months before the matter first came to court.

Irish Independent